The ECB's Governing Council was unanimous in agreeing to keep its three key interest rates unchanged, but policy markers' opinions are becoming more divergent, accounts of the October policy meeting show. (MNI ECB WATCH: ECB Holds Rates As Inflation, Growth Slow)

Agreeing to keep the policy rate at 4% -- the highest in more than 20 years -- some on the Council warned that efforts to tame inflation shouldn't lead to an eventual undershoot of the 2% target. At the opposite end of the spectrum, others argued against complacency, saying the door must be kept firmly open to further hikes.

Despite speculation ahead of the meeting that further balance sheet reduction via an early wind-down of PEPP reinvestments could be discussed, the minutes showed that the Governing Council decided such talks would have been "premature". (MNI POLICY: ECB Saves Look At Balance Sheet Cuts For Late '23)